KUALA LUMPUR: Serba Dinamik Holdings Bhd chairman Datuk Illyas Pakeer Mohamed and independent non-executive director (INED) Johan Mohamed Ishak have stepped down from the company's board with immediate effect.
Illyas and Johan were appointed as INEDs of the integrated oil and gas service provider on June 18.
In their resignation letters dated Nov 22, the duo said the requirements imposed by Bursa Malaysia on Serba Dinamik had prohibited them from fairly discharging their duties as independent directors.
As such, they were unable to fulfil their responsibilities to the company, its shareholders and the overall fairness of their independent directors' role in the Malaysian capital market.
"Adhering to the requirements imposed by Bursa Malaysia would put both of them in an untenable position, contradictory to the said responsibilities above mentioned, as it necessitates, in their opinion, premature and unfair actions due to the incomplete special independent review by Ernst & Young that is still on-going and thus inconclusive," Serba Dinamik pointed out in a stock exchange filing today.
The company thanked both Illyas and Johan for "their outstanding service, dedication and contribution during their five-month tenure".
"By all measures, Serba Dinamik has seen remarkable improvement on their watch which strengthens the confidence of our investors and partners alike, increasing our performance and building a growing business model as well as maintaining great relationships inside and outside the organisation.
"The board of directors of Serba Dinamik will identify the new independent directors and will make the announcements accordingly," it noted.
Following Illyas' resignation, Datuk Seri Mohamed Farid Abu Hassan, one of the two remaining INEDs besides Siti Zaleha Sulaiman, will assume the company's chairmanship.
Illyas would be best remembered for his fiery remark aimed at Serba Dinamik's former external auditor KPMG PLT whereby he likened the latter's accounting or auditing standard to that of a "shoplot auditor".
Illyas made that remark during his maiden appearance following Serba Dinamik's decision to file a civil claim against KPMG for substantial damages inflicted on its share price and market capitalisation.
Serba Dinamik was last transacted at 35 sen at the close of the mid-day trading on Oct 22 prior to the trading suspension of its shares/warrants, giving it a market capitalisation of RM1.31 billion.